On Sept. 3, 2014, Merchant Customer Exchange (MCX), a company formed to develop a secure and customer-centric mobile payment solution, unveiled CurrentC – the brand of its new payment network. The CurrentC network was built by leading merchants in order to enhance, secure and simplify their users’ shopping experience.
“CurrentC will offer customers a simpler, faster, secure way to checkout at their favorite merchants. At full scale, CurrentC will be accepted in more than 110,000 merchant locations across the country, giving consumers unmatched access to their favourite retailers,” commented CEO Dekkers Davidson. “It will also offer innovative features and benefits, such as merchant loyalty programs and instant coupon savings, all stored on the phone and available right at the POS,” he added.
CurrentC platform will be made available across a broad and growing collection of leading merchants in the convenience, big-box, pharmacy, grocery, fuel, dining, specialty-retail as well as travel categories, stated MCX.
- Users can acquire access to the entire CurrentC network as well as all its benefits by utilizing the CurrentC app.
- This can also be done through the merchants’ mobile apps that utilize CurrentC functionality.
- CurrentC has been launched in private pilot mode in select locations across the country.
- MCX stated in its press release that the private pilot will expand through 2014, with regional as well as national rollouts to follow in 2015.
Whats in it for Consumers:
The CurrentC mobile wallet app will be free to download through both the App Store and Google Play store. Also, it is compatible with all major smartphones.
CurrentC will simplify and expedite the customer checkout process when the app’s full functionality is released to consumers. This will be done by applying qualifying participating merchant rewards, offers and coupons, membership accounts and loyalty programs, as well as offering payment options through the consumer’s selected financial account, all with a single scan.
Whats in it for Merchants:
“The CurrentC Network will provide merchants with unparalleled reach and resources in the mobile payments category,” commented Davidson. “It will offer merchants new and exciting channels to engage with customers, strengthen relationships, and enjoy more control of transaction data.”
Software-based solution CurrentC, works with most existing POS and payment terminals. It provides merchants with a cost-effective entry point into the mobile payments movement, according to MCX. CurrentC will use a secure paycode and will not require additional hardware from most merchants or users.